Welcome to the first 9fin year-end wrap to come out of our new Asia offices, spanning Hong Kong, Singapore and India.

Year to date, bond issuance in the region ex-Japan has increased about 16% from 2024 levels to $277bn, though it remains far below high of about $369bn seen in 2021 years prior.

This year, corporate bond issuance denominated in CNH reached a record, while a major topic of conversation at conferences was the record levels of private credit flowing to India.

Donald Trump and the US trade tariffs were a focus for China, the world’s factory floor, while the knock-on effects of those shifting rules were felt more broadly as supply chains were rerouted throughout the year.

And of course, China’s real estate crisis continued its slow burn.